All calculations must be shown in an orderly manner to obtain part Question

Microprocessor Ltd. (Microprocessor) is a manufacturer of robots. Microprocessor shares are listed on Toronto Stock Exchange, and it has a December 31 year end. Microprocessor is a Canadian company with manufacturing plants around the world.

Following information is included in partial trail balance shown above:

1.Purchase account include transportation-in cost of $2,000 paid for inventory purchase and also include transportation-out cost of $1,500 paid for goods sold.

2. Interest expense is net of interest revenue of $1,500 earned on investment of excess cash for 3 months.

3. Selling and general expenses include sales discount of $1,200 awarded to customers for delivering lower quality products.

Following information is NOT included in partial trail balance shown above:

1. In June of 2019, Microprocessor sold the old equipment with cost and accumulated depreciation of 30,000 and $27,000 respectively for gross amount $3,500. Microprocessor paid $1,500 as commission to machinery broker for finding the buyer.

2.During 2019, Microprocessor has a realized foreign currency gain of $22,000

3. In September 2019, Microprocessor purchased share of IVM Limited for $20,000 and recorded the investments as Fair Value - Other Comprehensive Income. As of December 31, 2019, there is accrued gain $6,000 on IVM Limited shares. Microprocessor plan to sell IVM Limited shares in January 2020.

4. On June 30, 2019, Microprocessor sold their computer chip manufacturing division (Division) for $150,000 . The sale qualified as discontinued operation. The Division has operating loss of $80,000 for the period ending June 30, 2019 and assets with cost and accumulated depreciation of $500,000 and $400,000 as at June 30, 2019

5. Throughout 2013, Bottles had 100,000 common shares issued and outstanding. Microprocessors' income tax rate is 20%. Assume that all of the above items are before tax and are fully deductible or taxable for income tax purposes.

Required Using this information, prepare, in good form, a multi-step combined statement of income and comprehensive income for the year ended December 31, 2019.

Following is Microprocessor's partial trial balance for the year ended December 31, 2019 DR CR Sales $2,000,000 Interest expense $72,000 Selling and administrative expenses 392,000 Dividend revenue 90,000 Cost of goods sold 1,132,000 Dividends paid on common shares 27,000